Semiconductor Production Equipment: Japan: Jul-Sep 2026 Results Preview

We favor companies with improving visibility on earnings. Companies we rate OW, in order of preference, are: Advantest, SCREEN, and Tokyo Electron. The Jul-Sep 2026 earnings season for SPE companies will kick off with DISCO on October 22. We expect broadly solid 2Q results across SPE companies, supported by strong fundamentals. Ahead of earnings, our picks (in order of preference) are Advantest, SCREEN, and Tokyo Electron (TEL). We expect guidance hikes and an update on plans to enhance production capacity at Advantest; strong 2Q results at SCREEN;